The Helicopter Company, which was established by the Saudi Public Investment Fund, signed a letter of intent to order 12 Bombardier jets. Shares of the Quebec-based company rose about three per cent on the Toronto Stock Exchange on Tuesday afternoon. (The Logic)

Talking point: It’s a strategic move for both companies. Bombardier’s private jet business has become key to the aerospace giant’s financial rebound over the past two years. Meanwhile, The Helicopter Company would basically double its total fleet if it exercises purchase options to buy 48 more jets from Bombardier. The Helicopter Company, which runs aircraft for emergency medical services as well as tourism, is part of Saudi Arabia’s plan to diversify its economy beyond oil. The Bombardier jets will be focused on private business travellers.